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Q's Heading for Retest of Key Support?


The next few hours should be very interesting, indeed, because my near-term work argues that this morning's pop to 40.45 in the QQQQ likely ended the upleg off of Monday's low at 38.22, which if true means that the Q's are heading for a test of key micro support at 39.77 either later today or immediately after the weekend.

If 39.77 is violated, then we will have an initial confirmation that a meaningful correction is in progress that should press the Q's to 39-38.80 immediately thereafter.

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